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IFRS Accounting Standards are, in effect, a global accounting language—companies in more than 140 jurisdictions are required to use them when reporting on their financial health. The IASB is supported by technical staff and a range of advisory bodies.
This Standard sets out the required accounting treatment and disclosures for provisions, contingent liabilities and contingent assets. These are linked by their commonality as areas that require judgment at the end of an accounting period.
Briefly discuss the accounting treatment for each of the following situation under IAS 37. All the entities in the question have 31 December year-ends. In all cases, it is assumed that a reliable estimate can be made of any outflows expected. A manufacturer gives warranties at the time of sale to purchasers of its product.
10 lut 2017 · IAS 37: Implementation Guidance; IAS 37: Illustrative Examples; IAS 37: Basis for Conclusions. Onerous Contracts - Cost of Fulfilling a Contract (paragraph 68A) (BC1-BC21) BC1; The cost of fulfilling a contract (paras. BC2-BC13) Examples (paras. BC14-16) Interaction with requirements for impaired assets (para. BC17) Scope (paras. BC18-BC19)
8 lis 2024 · IAS 37 outlines the accounting for provisions (liabilities of uncertain timing or amount), together with contingent assets (possible assets) and contingent liabilities (possible obligations and present obligations that are not probable or not reliably measurable).
IAS 37 prescribes the accounting and disclosure for all provisions, contingent lia-bilities and contingent assets. It indicates how to measure and account for these items. The objective of the Standard is to ensure consistency of and comparabi-lity of treatment for provisions.
Before a separate provision for an onerous contract is recognised, an entity recognises any impairment loss (IAS 36 Impairment of Assets) that has occurred on assets used in fulfilling the contract . The cost of fulfilling a contract comprises the costs that relate directly to the contract.
